The Blocking Regulation and Brexit: the Effect of U.S. Sanctions in a Changing Europe
July 30, 2018
On 18 May 2018, the European Commission announced its intention to expand Council Regulation (EC) 2271/96 of 22 November 1996 in order to discourage European companies from complying with newly re-imposed U.S. Iran-related sanctions.
On 6 June 2018, the European Commission adopted a delegated regulation to enact these changes, which will come into force by 6 August 2018 (the date when the first wind-down period for the U.S. secondary sanctions on Iran expires), provided the EU Parliament and Council do not have objections.
This blogpost considers how the Blocking Regulation will work in practice for UK and European companies, in particular in light of the UK’s departure from the European Union in 2019.
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